Uncertainties Near Term, But Long Term Still Holds Significant Potential

Research evidence excerpt

Uncertainties Near Term, But Long Term Still Holds Significant Potential

TD Cowen Pharmaceuticals/Major

Global Research

Roche Holding Ltd

TD SECURITIES (USA) LLC

July 14, 2026

Price: $50.16 | CHF327.00 (07/14/2026) Uncertainties Near Term, But Long Term Still

Price Target: $67.00 | CHF415.00 Holds Significant Potential

HOLD (2)

Steve Scala, R.Ph., CFA THE TD COWEN INSIGHT

617 946 3923

Hemlibra, Evrysdi, and Ocrevus appear on solid footing, Vabysmo is rebounding, and

stephen.scala@tdsecurities.com

Diagnostics challenges annualize in 2026. However, visibility on promising pipeline candidates

Michael Nedelcovych, Ph.D. is awaited and diabetes/obesity assets are years away. Still, a broad product portfolio and

617 946 3744 leading diagnostics business provide potential upside opportunity for EPS growth.

michael.nedelcovych@tdsecurities.com

Chris LoBianco 2025-32 EPS CAGR Estimated At +5%

617 946 3734

In 2026, we estimate EPS to be +4% YoY to CHF20.30 on flat revenue of CHF61.8B. We thenchris.lobianco@tdsecurities.com

look for revenue to increase 2-4% during 2027-32 as growth products offset biosimilar pressure

Paul Kuhn, Ph.D. and new products begin to launch. We project 2025-32 compound EPS growth of 5%, below

646 562 1328

the industry average.

paul.kuhn@tdsecurities.com

Key Growth Products Remain Strong Despite Competitive Pressures

Key Data

Symbol OTC PK: RHHBY | SWX: ROG.S Ocrevus has been a big success given its every six-month dosing and dual RMS/PPMS label.

Beta: 0.51 | 1.01 The launch of a subcutaneous formulation could be an additional catalyst for growth. We

52-Week Range: $60.58-$37.57 | CHF374.00-CHF246.30 estimate Ocrevus sales of CHF8.6B in 2032, but competition is intensifying. Vabysmo data